Hi Sridhar,
We do have a thread on Thinksoft -http://www.valuepickr.com/forum/untested-worth-a-look/587982212#790118529 Link: …/…/587982212#790118529 . Would be great, if we do a search and continue discussions on existing threads. Perhaps the moderator can shift the discussion to relevant thread.
To add some of my thoughts on the discussion. I’m also quite intrigued by the undervaluation here and often it seems like a compelling opportunity as the stock is trading at a PE of just 4, div yield of close to 9%!! But after doing some work I noticed some negatives and exited:
1). The co’s earnings are quite volatile. Often the growth in profits have been due to other income - forex gains
2). The mgmt seems very poor allocator of capital. I don’t think they needed money at the time of IPO and the same was done to provide exit to some investors and hence the stock was also manipulated.
3). If you hear there concalls, the answers are always vague and confusing. Also, these guys have been sitting on cash for quite sometime and doing nothing. For cos of their size, they should be aggressive.
On the other hand, they are paying taxes and giving liberal dividend so one feels tempted 
Anyways, I have given it a go for now, as I’m concentrating more on MPS Ltd (another liberal dividend paying co)
Ayush